I just spoke with one of the law firms and they sent me a copy of the merger agreement that ARCT entered into with Realty. And it says that the Chairman and CEO agreed to vote their shares in favor of the deal and that if another company wants to make a higher bid it must first pay a penalty fee of $55 million! On top of this management entered into new employment agreements and gets to roll over their shares into the new company.
This is incredible. Here is the contact info of the law firm in case anyone else wants to contact them for info. Tripp Levy law firm 877-772-3975. Suggest others do and join the lawsuit to stop this theft.
I am not happy with the deal. All the trash those worthless attorneys are feeding you are quite normal. The penalty fee is only about $.30 per share so they should do a "go shop" deal to find a $13 or better cash offer. Stock traded above $13 today in pre market which is what those crooked attorney's said in their press release the firm is worth (according to Yahoo finance analyst they referenced). As long as management of ARCT did not get a golden parachute, the deal is not to management's favor. I don't know why they did it except to be able to say it will be the fasted turn around and death (through merger) of a non-traded reit in history.